India's steel exports surged 80% year on year in November

According to preliminary data from the Ministry of Iron and Steel of India, steel exports in November increased by 80% over the same period of last year, reaching 867000 tons.

A Mumbai exporter said rising global prices and weak domestic demand made steel exports a good choice for Indian mills.

India's cumulative steel exports in the first eight months of the fiscal year (April November) increased by 33.5% year-on-year to 5.75 million tons.

India's steel consumption rose 0.8% to 7.41 million tons in November from a year earlier. From April to November, the cumulative consumption of steel increased by 3.5% year on year, reaching 66.46 million tons. The long monsoon rains from June to October and the stagnation of infrastructure projects due to capital shortage led to a significant slowdown in steel orders during this period.

India's cumulative steel imports fell 5.3% from April to November to 5.07 million tons, while imports fell 37% to 429000 tons in November.

India's declining domestic steel prices have made it less attractive for imported resources. At the same time, in addition to the basic import tariff of 12.5%, there are also some flat steel products that receive additional price protection in the form of anti-dumping duties.